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show," my name is jon stewart. my guest tonight, warren buffett and financial journalist carol loomis. they are on the show tonight and -- tonight meeting for the first time on this show. (laughter) they wrote a book together, actually. as you know, if there's one thing all americans can agree on, we love black friday. whether you're a fan of shopping or trampling. (laughter) which is why i was just -- i was so upset to see on this holiest of days a news story about people protesting in front of their local wal-mart. >> thousands of wal-mart employees are staging walkouts and protests over this holiday weekend. the workers are upset about having to work on thanksgiving day and they're also speaking out for better pay and benefits. >> jon: what? (laughter) you get to work at wal-mart on thanksgiving day! (laughter) a ring side seat to the greatest show on earth. >> i it's a black friday tradition. >> (bleep). i'll stab one of you mother (bleep) (audience reacts). >> jon: do you know how much people pay to go to fights like that? (laughter) you get paid -- some -- to see it. (laughter)
,000 a year and employs ten people just like steve jobs, warren buffett and-- >> and we quibble? >> let me finish. we can quibble about what the right amount is, whether it's $250,000 or whether it's 500,000, what the president is trying to do. >> and for a while, charles, help me with this part of it. whatever your views on taxes, and i think it's happening and ben stein's earlier point, it's there. and deeply disturbing, where is it, not only there's a lack of result to slowing what is the growth to spend because there's no cutting going on. but we're going to-- and that's what we're going to do and this is the the measure you use to finally get serious. this is not serious. >> warren buffett laid it out on monday in that new york times op-ed and he said in an ideal world, we would still have deficit spending every single year and the president laid it out more than once and in an ideal world, we're still-- we're not talking about cutting debt. we're talking about increasing it at a slower rate and then later on, the idea of 50 billion in stimulus, oh, by the way, let's remove the debt c
$1 billion profit for warren buffett. right now, these are polar bear paws. white chocolate with the caramel and the nuts. those are flying off the shelves. this is a cash machine enabling warren buffett to buy other companies. how will they finally open permanent stores on the coast? joining me now brad kinstler. he is the ceo and president of see's candy. >> we enjoyed this holiday season. it is really big business for us. liz: well, it has to be. you open up these pop-up stores, these little gift centers, that do very well. now, the big story is you will try to go national. have you tried this before? >> in the 1990s. it was in the midwest. at that time, the competition was a little bit different than what it is today. the brandt was not quite as well known. california had a very growing population. the opportunities for the business was really back in the west coast during those years. they collected to pull back and focus on the west and, at this point, we now see the land scape a little differently and we are very excited and open to several stores in texas this year,
hathaway, warren buffett. he joined us on set along with carol lummis, who came out with the new book, "tap dancing to work: warren buffett on practically everything 1966 to 2012." a compilation about the oracle of omaha. >> what is the principle of warren buffett's life that keeps him who he is, but keeps him in his house and omaha. what's that thing in life that drove him in high school and drives him now? >> well, he does like to succeed, but money is nothing, absolutely nothing. he's always been driven and he got interested in invest, when he was -- well, his first trade was at age 11. i have four grandkids and none seem to be headed in that direction. and he just, he always was interested in every element of investing. >> so he had a goal. >> he had a goal. and you're right, he likes winning. you like winning, you like succeeded, but money, and i'm not just saying this patronizing, because most really rich people i know, money is something that comes along with doing something they love, right? >> absolutely. >> so for you, what was that thing that drove you from an early age? >> i got
pad, goodbye apple happens. hipocracy keeps coming after you. warren buffett's berkshire hathaway's buying back stock why? to' void taxes increases, warren was rooting for, and an estate tax he himself will not pay. are you getting tired of this? "varney & company" is about to begin. from the best players in history to the number 1 club in the world. the potential of manchester united unlocked. nyse euronext. unlocking the world's potential. >> ♪ ♪ >> you've got to say he's still the greatest, isn't he? eric clapton performing at the 12-12-12 concert to benefit the victims of hurricane sandy. the event went on five hours and a ton of money. 36 million alone in ticket sales and does not count the donations or the money they got from sponsored like samsung which surely paid a big price to have the galaxy phones featured everywhere and the celebrities answering the calls from people who phoned in donations, galaxy phones they were using. you're seeing galaxy ads everywhere, they dominate football games on sundays as well. apple, the ipad, ipad mini, the iphone their ads have been swamped by
, marjorie, thank you very much indeed. >>> warren buffett's son, howard, joins us to talk about money, politics, taxes, his famous dad and more. it should be a fascinating few minutes with a great man. [ sniffs ] i have a cold. [ sniffs ] i took dayquil but my nose is still runny. [ male announcer ] truth is, dayquil doesn't treat that. really? [ male announcer ] alka-seltzer plus fights your worst cold symptoms, plus it relieves your runny nose. [ breathes deeply ] awesome. [ male announcer ] yes, it is. that's the cold truth! and his new boss told him two things -- cook what you love, and save your money. joe doesn't know it yet, but he'll work his way up from busser to waiter to chef before opening a restaurant specializing in fish and game from the great northwest. he'll start investing early, he'll find some good people to help guide him, and he'll set money aside from his first day of work to his last, which isn't rocket science. it's just common sense. from td ameritrade. time for citi price rewind. because your daughter really wants that pink castle thing. and you really don't
's right. >> the british way. margaret hoover, marjorie, thank you very much indeed. >>> warren buffett's son, howard, joins us to talk about money, politics, taxes, his famous dad and more. it should be a fascinating few minutes with a great man. [ male announcer ] you are a business pro. monarch of marketing analysis. with the ability to improve roi through seo all by cob. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. i'm going b-i-g. [ male announcer ] good choice business pro. good choice. go national. go like a pro. but when i was in an accident... business pro. good choice. i was worried the health care system spoke a language all its own with unitedhealthcare, i got help that fit my life. so i never missed a beat. that's health in numbers. unitedhealthcare. to the best vacation sp(all) the gulf! it doesn't matter which of our great states folks visit. mississippi, alabama, louisiana or florida, they're gonna love it. shaul, your alabama hospitality is in
important. a major name of one sort. warren buffett was there a few years ago because his sister, as a matter of fact, is a major supporter of hudson, the nonprofit organization. the year to this graduation ceremony and it's just incredible. opening and closing prayers. the old bible or what have you. they always have a valedictorian get up representing the graduates. usually maybe 20, 30 students who are graduating in ssc it's our best agree. and the valedictorian gets up and says, you know, i started off my parents own mother, the great hopes for me. then i got in the wrong crowd. i got into drugs are what have you. and then he says, and then i killed a man. and, i mean, even though you know they're in there for murder or what have you, it's still a shock to everybody. and then he describes how the educational and the ministry programs transformed his life and how they feel like they are new citizens. what's exciting about this program and getting that notoriety will my son was able to do this movie was because the 0% because something like 60 of the students have left since in
shelters in bermuda and some of them are using every loophole imaginable. one of them is warren buffett. we will get your take on that. and later, would you get your job back if you were caught -- there you go -- moking weed at work and drinking? these men did. their unions helped them. we will show you that, coming up next. i'm nora. and i'm nate. and this is our emergen-c. [ nora ] when you run your own place, you can't miss a day. so we rely on emergen-c. with vitamin c for immune support plus energizing b vitamins, our regulars know we're sure to be there. get your free sample at emergenc.com. stay healthy, and feel the good. till you finish your vegetables. [ clock ticking ] [ male announcer ] there's a better way... v8 v-fusion. vegetable nutrition they need, fruit taste they love. could've had a v8. or...try kids boxes! you'll also care about our new offer. you get access to nurses who can help with your quesons. and your loved one can ge exelon patch free for 30 days. if the doctor feels it's right for them. it cannochange how the diase progresses. hospitalization and rarely ath hav
. >> the richest man in america, warren buffett. with me is one of the kids, howard g. buffet, president of the howard g. buffet foundation. welcome to you, sir. >> thank you very much. >> you are the middle child of warren buffett. what's it like, i spent -- i told you in the break i spent a great holiday once reading that biography about your father and got to know all of you vicariously through this book. it was absolutely riveting and compelling. what's it like to be warren buffett's son? >> well, first, i'm afraid you know more about me than i know, so that's my first concern. you know, i don't think of it as being warren buffett's son. you know, we grew up, as many people know and some people don't believe, in a very modest environment. and i never -- we never really were even aware that my dad was really making money until probably towards the end of junior high and then into high school. and then you're a little older and you just take it as it comes. but i've never thought of it that way. >> what i love are the little tiny bits of trivial detail about your relationship with him
debate hits the floor of the u.s. house but not much progress is made. warren buffett and others tell lawmakers to look for more money from the estate tax. >> susie: i'm susie gharib. could another major bond-buying program be on the way? what we could hear tomorrow as federal reserve policymakers wrap up their two-day meeting. >> tom: ever wonder what goes into making those cardboard store displays? tonight, we look at how one box company is using them to reinvent itself. >> susie: that and more tonight on nbr! >> tom: an agreement to ease the fiscal cliff may not be wrapped up and waiting under your tree for christmas. senate majority leader harry reid said today it would be hard to get an agreement finished by the holiday, blaming the delay on republicans. not surprisingly, republicans say the president hasn't gotten serious about the talks. plenty of outside groups are offering up suggestions. and as darren gersh reports, they include warren buffett and some other big names in finance. >> reporter: there was some public movement in the fiscal cliff standoff today. instead of holdi
's warren buffett and john kerry and diane feinstein. this is a tax on people desperately trying to become rich but the truly wish don't want them to. finally, the most important point is in two years we've got to take back the senate. >> sean: i don't want to talk about the election. >> the republicans need to concentrate on making sure this economy gets blamed on obama. there are things they can do like propose tax cuts or rather tax hikes for the truly rich, ie, warren buffett. no more state and low tax deductions. cut out that hollywood foin accounting. let's go after the 1% of the 1%. forget the 1% of income earners. >> sean: there's a lot of good ideas there. >> thank you. >> sean: they have to stand against america going broke. >> they can do that by making clear it's not a good deal, making speeches, and not raising taxes on the job creators. >> sean: how about they pass a bill that extends all the bush tax cuts. how about that? >> then the senate will reject it. >> sean: then who is to blame? >> at some point if the bush tax cuts are repealed and everyone's taxes go up, i promise
. every time it happened it was caused by greed and ego and over lending and overspending. as warren buffett said recently, a climate of fear is the investor's best friend. hetty was brave, courageous brave, courageous, kept a cool head. she worked hard and did her homework and knew her company. whenever buddy jumped overboard she would climb in to grab the yours. when everybody would rush to roche you would get off the boat. she took courage but she would sell when everyone was buying. by the time she died 1916 she had mortgages on 28 churches in chicago and houses and office buildings and mines from a vermont, new york, illinois, missouri, te xas, california. she would help the bank when times were bad. she was the largest individual lender to the new york city government. she lived in the gilded age when society lived lavishly but she rebelled the opulence. she loved her children and friends, lived a simple life. she was caring of those who befriended her and she would show great affection and would say because he does not know how rich i am. living her life as she deemed best to
of outside groups are offering up suggestions. and as darren gersh reports, they include warren buffett and some other big names in finance. >> reporter: there was some public movement in the fiscal cliff standoff today. instead of holding dueling press conferences, republicans and democrats traded barbs on the house floor. >> where are the president's spending cuts? the longer the white house slow- walks this process, the closer our economy gets to the fiscal cliff. >> reporter: behind the scenes, progress is being made, but democrats are still arguing they've given ground in previous budget battles. that's one reason they are holding firm on higher taxes now. >> $1.6 trillion in cuts. "where are the cuts?" they are in bills that you, mr. speaker, have voted for. >> reporter: and there were new calls for more tax revenue today. warren buffett, vanguard founder john bogle, and financier george soros were among the famous names to call for a tougher estate tax. their proposal would exempt couples with up to $4 million in assets from the estate tax. above that level, estates would pay a 4
more? good morning, everyone, warren buffett, george soros, yes, they're at it again. they want the estate tax to bite really hard. they want a much higher death tax and both are worth tens of billions and both have plans to avoid the tax they want to increase for everyone else. both are obama supporters. however, gas prices down again. we're close to breaking below 3.30 a gallon in some areas, it's 2.99. ben is likely to keep on printing and the president likely to keep on spending. let's ignore the run-up in debt and watch the stock market rally. that's what's happening. as "varney & company" is to begin. and of course, we're going to talk about this. >> you should know that axiron is here. the only underarm treatment for low t. that's right, the one you apply to the underarm. axiron is not for use in women or anyone younger than 1 axiron can transfer to others through direct contact. women, especially those who are or who may become pregnant, and children should avoid contact where axiron is applied as unexpected signs of puberty in children or changes in body hair or increas
that go after warren buffett? warren buffett says he wants his taxes to go up, but what are we going to do, hit people $250,000 and above and raise their taxes. that doesn't hit warren buffett. let's get into the details. let's sit down and understand what these tax increases are going to do. yeah, we all have to share in the burden, no doubt. we've taken on half the costs of the medical. we're going to lose the r & d tax cred i. lost this year and will lose it next year. >> right. >> we talk about personal income taxes, bill. i mean, it's not addressing the issue. we're not addressing the issue. people didn't like the fact that mitt romney only paid 14%, but this tax increase doesn't take care of that. we're talking about a tax code change, not a tax increase. we need to look at tax code. we need to sol ever the problem. >> we certainly do. talked to a lot of ceos, around the water cooler and for lunch. what are they saying in terms of whether or not they will also have to let off workers next year or it hasn't affected their hiring plans? >> well, what i've heard from almost every ceo is
shelters n places like bermuda. one of them is warren buffett. we'll continue with former speaker newt gingrich. >>> would you get your job back if you were caught smoking a little weed at work and drinking? thes men did anthese men did ann helped them. that's coming up next. let's give thanks - for an idea. a grand idea called america. the idea that if you work hard, if you have a dream, if you work with your neighbors... you can do most anything. this led to other ideas like lerty and rock 'n' roll. to free markets, free enterprise, and free refills. it put a man on the moon and a phone in your pocket. our country's gone through a lot over the centuries and a half. but this idea isn't fragile. when times get tough, it rallies us as one. eveand when they do,le belthe dream comes true. we're grateful to be a part of it. >> sean: you may be shocked to >> sean: you may be shocked to learn that one of president obama's supporters is not paying his fair share in taxes. i'm talking about the executive chairman of google, eric schmidt. his net worth rumored to be approaching $8 billion, acco
the group founded by warren buffett and bill gates. >>> this morning, six nonprofit groups shared in $1 million worth of grant money from chevron. the recipients were announced less than two hours ago at the middle school. the grants go toward groups that provide jobs and education in the rifmond community. one -- richmond community. >> this is just one more indication of how much we invest in this community. how much we believe in this community and we -- how we understand that when richmond succeeds, so does chevron. >> since the program started in 2009, chevron says more than 500,000 students and nearly 7,000 teachers have benefited. >>> very cold morning. 20s all over the place. we had freeze warnings, frost advisories. we have clear skies. now a few high clouds beginning to come in. this is the beginning of what's gonna be a lot of clouds and rain and snow up in the mountains as we go from late thursday all the way into monday. between now and this time next week, the only dry day looks to be christmas day unless something changes and there is a hiccup in the forecast model. it wil
he thought ople should give more. >> warren buffett is wonderful will give it all away when he dies. he could live 30 years. he should give away some now. john: said he enlarges berkshire hathaway? >> a phenomenal investor. he should be investing. he is creating real wealth and get congratulations for a job well done. >> instead they launched a giving the list. give when you die i will work -- they have signed up petition to give away at least 50%. >> it is the guilt they feel. it is wrong to feel guilty about their success to feel like they need to give back. is the way bill gates that is objectionable. john: what about rockefeller? he got so rich. >> the richest man in history. >> he gave us light. the life of an american before rockefeller then there was nothing you could do. most could not afford it to lower the price and then you have a light look at of benefit of humanity. of what individuals got and yet he is portrayed as an evil monster. >> he could have saved the whales. >> he made the internal combustion engine possible. we'll was so cheap because of rockefeller now it was
were sat down, the tables were very mixed. i had warren buffett on my left , and the president told an interesting story about giving one of his ties because the tie torn. bit wor he gave one and said, when you have dinner with the president of the united states, you need to have a proper tie on. it was very anecdotal and clearly nothing of any national interest was going to be discussed in front of me or anyone else. his charisma is unbelievable. >> how did you keep your head? you set between buffett and obama. >> it was the first time in my life -- people try to pinch themselves. i pinch myself under the table literally as the president came to sit down. i was already sitting down to -- next to mr. buffett. my wife was next to the chief of staff of the armed services. i pinched my thighs. i had bruises on my thighs. >> are you a political person? >> as much as i live in a democracy and to take an interest in the right people leaving the country -- leading the country. when you reach a certain level, you get lobbied by whichever party is in power. you get invited to dinners, and yo
of steinberg global asset management. and warren buffett, the oracle of omaha has plenty to say on taxes and the fiscal cliff: we talk with his long-time friend and "fortune" magazine journalist carol loomis. that and more tonight on "n.b.r." some straight talk from president obama tonight about the fiscal cliff. speaking to reporters from the white house he said he's ready and willing to get a comprehensive package done, but it's up to republicans and democrats to make it happen. >> nobody gets 100% of what they want. everybody has to give a little. >> susie: the president also proposed a smaller package that prevents taxes for 98% of americans from going up and for unemployment insurance to be extended. he pressed lawmakers to agree on this in the next ten days. darren gersh has details. >> reporter: one day after the collapse of efforts to avoid the fiscal cliff, all sides were speaker boehner tried to shift that burden, saying democrats unemployment insurance to be extended. >> we can't cut our way to prosperity we need real economic growth. and many of us believe on both sides of th
warren buffett should pay with his secretary pays, but he is not proposed a single idea that will make that happen. we have the perfect idea. you want them to pay the same rate, i want them to pay the same rate, but i have a way to do it. you give a 15% flat tax on income taxed, capital gains, gift tax, to put it across the board and then you will see everybody pay the same rate if you make more you pay more. if you make less, you pay less. the speaker and others keep talking about how we are going after the rich. i will never be there, don't care about defending the rich, want to send a system that lets everybody have that chance. england tried this in 2009, they put a hefty pay income tax on people making more than a million dollars per year. the next year they went to 6000 people. and you lose money com, you dont gain revenue. what happens to the middle class? middle class has to suck up even more tax because you are so stupid in your tax policy you actually thought she would tax rich people, but they move. the middle class cannot move. you have a deduction for one home mortgage int
irresponsible actions of both sides going on vacation. there have been suggestions, notably by warren buffett that congress should not get paid and not have health insurance until they come to an agreement. >> i think there is a lot of negotiating behind the scenes, maria. staffs are meeting almost constantly. but you raise a good point and interesting point. the optics as washington likes to call it, of going on vacation when you have a fiscal cliff looming, if you don't have an agreement are simply awful. boehner has already told the republicans that nobody is going on vacation until this thing is settled. i think the democrats are probably going to say, pelosi and reid will say the same thing for the democrats. i wouldn't be surprised if congress stayed in session maybe all the way until the 21st of december. this is going to be not to put too fine a point on it, a cliff hanger with regard to the fiscal cliff. i think there will be some movement. in other words, they will not go on vacation unless there's some agreement about what a framework is going to be or some way that they are going
pledge. >> yes, i have. >> originated by bill gates and warren buffett, promising to give away half your fortune to charity. >> it's not an unusual thing, actually, in this country. because i think that what the buffettses and gates of this world are really saying to people, you have a choice of two things. when you die you either give your fortune or as much as you want of your fortune to things you care about or the government. so it's not that tough a decision. but that said, i think it will it get a lot of people to give more than they had thought of heretofore. >> so you are credible spending down the endowment the of the philanthropie philanthropies. why put yourself out of business? you make a great point. it's the government or give it to where you want to see it go. >> there's another thing. i could talk all kinds of wonderful things -- i didn't want to rule from the grave and so on. but after the disaster, we had to make a decision. i'll let jeff tell you how we went about that. >> the default position with foundations is they're going to go into perpetuity. perpetuity is a lon
's not realistic. >> no. it's rubbish, all this. that so called buffett tax, if you implement that on warren buffett and all his pals, it will pay off obama's 2011 deficit in the year 2520 circumstance, in 514 years time, and then we'll need the next half millenium to pay off his 2012 deficit. >> i think the republicans were sent there with a mandate as well as president. obviously the american people voted for the status quo. they voted for divided government. here's the question i have. i would no want them to think os and grand hides and the slem hammer we're robbing them with. if obama wants to take the country off the fiscal cliff, they need to go there. they seem afraid of that. do you see that. >> it's clear from the election that the majority of americans essentially voted for european levels of spending. you can't have european levels of spending. we're one percent under canada. there's no difference any more, not in terms of government spending. we're close to norway. we're not quite to sweden yet, but we basically are spending like europeans, but we're not taxed like that. the ide
, is there a threshold? is 1% too much? warren buffett think people pay too much in fees. >> i'm not going to disagree with warren buffett bought the structure especially in real estate more so than private equity is fair and equitable. the work i did with the institutional limited partner association, the pension fund real-estate assooiation was to increase governance, alignment of interest and transparency. having been a partner in a private company raising money for pension funds and having been a ceo who implemented sarbanes oxley i am a big proponent of transparency, governance and interest. that was the work we did to put together the private equity principles that are now standard in the industry. liz: tell me about real-estate and for the average investor who wants to getting is it a good idea to look at the states that are healthiest such as texas, with the unemployment rates lower than the national average because that must mean businesses they doing well and renting of this property. >> absolutely. you have two factor is going on. i think we are in tough economic times, fiscal cliff, the ma
charged against dividends. of course, warren buffett has suggested if you're earning over $1 million in terms of your capital benefits, then you should be tacked at a minimum of 30%. does that make sense? >> it certainly makes sense that the carrot interest, this province of private he can quit guys like mitt romney that we've been talking about for years, should go up. it's not right that they get to, you know, get a low tax rate -- >> or recalibrating what is earned income but having it as interest. >> it's completely not fair. it doesn't pass the fairness test. that rate should be -- but that's not a lot of people who get that benefit. and capital gains in general, i think that rate can stand to go up and, frankly, warren buffett is right. you're not going to not do an investment because you may have to pay a little more in taxes. >> clarence, we don't know for certain what speaker boehner's reaction to this plan is however i suspect it will be something like his reaction to the president's. >> itches just flabbergasted. i said you can't be serious. right now i would say we're now
. >> on that front, warren buffett had his prominent "new york times" op-ed saying if an investment's attractive, and the page, a lot of people take issue with the "wall street journal" op-ed page and they said something clearly. you need to look at things on an after-tax basis. >> of course you do. i mean, that's -- >> warren buffett was being too glib by ten. we've got more to do. >>> now, here's what president obama had to say just before leaving for hawaii for christmas. >> i just spoke to speaker boehner, and i also met with senator reid. in the next few days i've asked leaders of congress to work towards a package that prevents a tax hike on middle class americans, protects unemployment insurance for 2 million americans, and lays the groundwork for further work on both growth and deficit reduction. that's an achievable goal. that can get done in ten days. >> wow. ten days. so, will the fiscal cliff solve in ten days? i know there's a deal out there some place it may not be until january, but let's ask our free market friday panel what they think. we have the columnist for the hill and form
on the wealthy will raise taxes on the super wealthy. we know it. warren buffett was here and he said you'll raise the top marginal rate to 39.6, he's not going to pay any more taxes, bill gates won't pay any more taxes, the hedge funders won't. rich guys in greenwich aren't going to pay any more taxes, rich hollywood stars aren't going to pay more taxes because they've got the best accountants and lawyers in the world. so when i see somebody say, oh, let's raise the marginal rate 5 percentage points, i'm thinking of the owners of bagel heads in pensacola, florida, their taxes are going to go up 5%. i'm thinking about a small accounting firm in poughkeepsie, new york, that's going to have to lay off a couple of staff members because their taxes will go up 5 percentage points. i'm thinking about a parent that's going to have to make a decision at work because they have to send another kid to school because, listen, for millionaires, 5% more in taxes, we'll wash it out, we'll give more to charity, we'll do this. for somebody making $250,000 -- and i've got to say, when the white house comes
. but we have to remember, the thing that president obama ran on was that warren buffett shouldn't pay less in taxes than his secretary. under the president's proposal right now, warren buffett will still pay less taxes than his secretary, a lower percentage, i should say. so capital gains probably should come in there. and that could be part of the compromise. >> okay. mike, this next thing we're going to tackle is 37. here's what's behind it. a "politico" article talks about the 37% solution. the bush era tax rate for upper incomes at 356789 you combine that with the clinton-era rate 39.6. what are you hearing about this compromise at a rate of 37%? anything possible there? >> well, there were some tantalizing hedging going on there yesterday, wasn't there, alex? first we heard joe biden he was visiting a diner. as part of this administration p.r. campaign the president went to the toy factory. he's been with middle class people. he's had a parade of ceos marching in and out of the white house. the president is trying to build support both publicly and privately, meeting behind closed doo
. their life is best when things are bad. we find holes when things are bad. didn't you hear warren buffett say when others are greedy, i'm conservative. when they are conservative, i'm greedy. right now, there are emerging markets. latino women. go after segmented markets that nobody is going after and you are going to find a windfall of money for your business. >> i always say a good idea, well implemented, doesn't matter what the economy is doing, you are going to be successful. >> people started business in russia's revolution. >> fedex. >> fedex starpted like that. not in the russian revolution. >> right. >> i would say it could be a bumpy ride. there's opportunity. you have to have the resources. careful with your cash. don't do anything that doesn't generate return on your investment. >> you cannot be afraid to fail. failure is your best friend. it has to be with you all the time because it's okay. when you look at the people in the internet, so many of them failed. the next thing is a success. you cannot look at things as that's a problem and be afraid. you have to look at it as it's pa
gained 1.6%. a company involved in a different kind of insurance, among other businesses, is warren buffett's berkshire hathaway. the firm increased it's stock buyback program. the berkshire board okayed a $1.2 billion buyback. these specific shares come from the estate of what the company called a longtime shareholder. the company said it was willing to pay 20% over boovalue to uy back its stock. th's twi the lim it eviously set. that increase helped push both the "a" and "b" shares of berkshire higher. the high-priced "a" closed at $134,000; the "b" shares finished at $89.32. both were up 2.4% to their highest price since october. global construction and mining equipment maker joy global struck profit growth in the latest quarter even as the company expects big equipment spending to fall next year. the company earned 2.5 cents per share, well above last year and estimates. the coany'buyout le- tourneau helped improve its bottom line. joy global's muted outlook for next year didn't hurt its shares; they were up 4%. fellow big equipment maker caterpillar gained 0.7%. four of the fi
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